If you’re buying property anytime soon, you know how expensive it can be to complete all the required paperwork and pre-sale checks. One of the major expenses will be pre-sale building inspections, which are very much required in Australia.
But even with this cost factored into your purchase, you save a lot of money by complying with this requirement. That’s why it’s there— it’s for your benefit and for those who will reside, visit, and stay in that building, apartment, or home.
Let’s look at all the cost savings you can enjoy when properly complying with pre-sale building inspections before buying a property in Victoria or anywhere else in Australia.
How Much Does Pre-Sale Building Inspections Cost in Victoria?
Let’s start with the million-dollar question (well, you won’t spend a million dollars, you get it): How much do pre-sale building inspections cost in Victoria? Prices may vary but usually cost around $300 plus GST in Melbourne and nearby suburbs and regions. It can sometimes go up to $800 or even more.
The prices may go up depending on the location, size of the property, or the kinds of inspections you want. The key is to get multiple quotations from different inspectors and see who can provide the best price for the best service.
You can check out our directory on Vetted to get a better sense of your options. Sign up for free and get quotations from some of the most reliable building inspectors in the area.
7 Ways Pre-Sale Building Inspections Can Save Money
Let’s be completely honest— paying for a building inspector isn’t the most expensive thing when buying property, but it is a bit of a commitment. However, remember that paying for an inspector is like getting insurance. It helps avoid possible costs that could ruin your finances in the future.
Here are several ways that hiring a building inspector to complete a pre-sale building inspection can save you money in the long term.
1) Catch Renovation Issues Early On
Some renovations are the opposite of wine— they worsen over time. So, you want to catch those issues early on and address them before they cost you more.
If left unresolved, some of these issues can cause even more problems in the future. For example, a leaking roof could lead to wood damage or electrical shortages. The problems pile up, and so do the costs.
Catching and resolving issues will require a thorough check, which building inspectors provide.
2) Avoid Legal and Compliance Problems
When you don’t complete a building inspection, fines follow. In Victoria, the Building Act 1993 states that individuals without a permit are penalised 500 penalty units. Companies are penalised 2,500 units, each worth $144.36.
Then, legal issues could arise if you rent out a building or house with significant issues like fire safety hazards, dangerous molds, or asbestos. If a tenant sues you, you could pay thousands of dollars in damages.
3) Avoid Health and Safety Hazards
Speaking of legal issues, let’s not even consider the money. The cost of health and safety problems alone could be devastating. That applies if it happens to a tenant or even to you if you choose to reside or use the property.
Mold infestations, fire injuries, electrocution, accidents caused by poor structure—we could go on. Avoid these problems and associated costs by getting a building inspection on day zero.
4) Avoid Pest-related Problems
Pest-related property issues are yet another problem that keeps on giving. Consider the cost of removing pests when they’ve already proliferated on your property. Fees paid to exterminators could balloon since most pets reproduce exponentially.
Then, there’s the cost of fixing the damage these pests cause to your property. Rats chew up wiring, and termites eat practically anything made of wood. All these problems could disappear if you get a pest inspection and treatment early.
5) Improve Building Upkeep
Overall, better upkeep keeps your building or house in better condition. The sooner you discover issues with a property and resolve them early, the less it will cost you to maintain your property.
Inspections look at the root problems. So, solving them will avoid all kinds of domino effect issues moving forward. For example, if your building inspector catches a wiring issue early on, you won’t have to change your lightbulbs as much, which brings us to the next cost-saving.
6) Preserve Electrical Appliances and Supplies
Your inspection agency will tell you about all the issues with your electricals as part of a building inspection report. This is both bad and good news. The bad news is that you’ll have to deal with those problems. But that’s good news because you can also find ways to protect your electrical appliances from surges and bad electricals.
Imagine how hassle it would be to buy washing machines, refrigerators, or air-conditioners more often because your wiring is wack. Protect electric-powered appliances, lighting, computers, and others by getting your property’s electricals right.
7) Negotiate the Buying Price
Lastly, these inspections will also drive the overall price of the property when you buy it. If you determine early on that a house or building will cost X dollars to fix, you can negotiate a better deal with the seller.
Don’t just factor in the cost of fixing the property. You should also consider opportunity costs lost if you can’t rent it out immediately or the time it will take to fix it. Keep those in mind; you could get a better deal on the final purchase.
Final Thoughts
Buying a property can be exciting, and we know what it’s like to want everything done and ready ASAP. But this will be one of the most significant decisions of your life, so you want to make sure you do it right. Start by getting a building inspector.
If you want to hire a good one, we have a full directory of reliable building inspectors who will get the job done right and help you enjoy all the cost savings mentioned above. Sign up for Vetted and contact a building and pest inspection agency today.
